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Japan is concerned about rising food prices

Businesses in Japan are starting to change selling prices. (Illustration image – Photo: Reuters)

Due to the influence of high oil and raw material prices, businesses in Japan is starting to change selling prices, notably food and electricity.

Store owners in Tokyo, Japan are feeling the pinch as their business is hit by rising costs for essential commodities such as cooking oil, flour and fuel. Mr. Eiichi Hirai – owner of a tempura shop most clearly felt this price increase.

“The price of cooking oil is increasing very fast. The price of flour is also increasing. This greatly affects our business because we specialize in deep-frying,” said Mr. Eiichi Hirai – Owner of tempura shop “Tenpei” said.

It’s not cooking oil, the high price of fuel for cooking is the big problem for Ms. Sachiko Sakai’s shop.

Ms. Sachiko Sakai – the owner of a Japanese food restaurant said: “Our restaurant uses gas, the price is getting higher and higher. I think it can be doubled this year, the situation is bad.”

According to statistics in Japan, energy recorded a 20.5% increase in prices, the highest increase in a 41-year period, since 1981.

Electricity price increased by 19.7%, gas price increased by 22.9% and gas price up 22.2%. Food prices (except fresh products) recorded an increase of 1.6%, of which beef prices recorded an increase of 11.1% due to the devaluation of the Yen and strong foreign demand.

Prices of popular foods in Japan such as breads also recorded an increase due to higher world wheat prices.

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